International Media Watch of news headlines and current affairs reports about Romania

Thursday, March 17, 2011

Romania Gets Six Bids to Manage Petrom Sale, Ministry Says

The Romanian Economy Ministry received offers from six bidding groups for managing the sale of a 9.8 percent stake in OMV Petrom SA (SNP), the Economy Ministry said today in an e-mailed statement in Bucharest.

Romania, which values the stake in the country’s largest oil company at 500 million euros ($698 million), plans to sell the shares by the end of June, to raise money for investment, Economy Ministry official Victor Cazana said today in Bucharest. The Balkan nation also plans to sell stakes in utilities Transelectrica SA (TEL) and Transgaz SA by the end of this year and will select managers to handle the sales after completing the Petrom transaction, Cazana said.

Romania will probably pick a manager for the Petrom sale in two weeks, after assessing the bids, Cazana said.